(collaborative) Considering buying a house? You will find my post: How to Get Started when Buying Your First House helpful to get you started on purchasing your first home.
It’s something many aspire to. Owning your own home provides you with a space you can call your own. There you don’t need to worry about contracts coming to an end and having to move. It also means you have full control over your own space, being able to personalise it as you please! Here are some suggestions that can get you on the right path to achieving this!
How to Get Started when Buying Your First House
Firstly, it may help to have a read of my post 3 Mistakes for First-Time Home Buyers to Avoid, as you’ll find some helpful tips.
Then you will need to:
Set Yourself a Budget
If you’re considering buying a house, you need to make sure that you know exactly what you can afford. This will allow you to browse appropriate properties that you are likely to have a mortgage approved on and will give you a better idea of how much you need to save for your deposit.
The easiest and most straightforward way to determine how large a loan you would be likely to be accepted for you can use a mortgage calculator. This is a specially designed calculator that will take information regarding the cost of the mortgage you’re interested in, the interest rate that is likely to be attached and the loan term in years. It will then provide you with a summary of the amount you would be expected to repay monthly. If this is unaffordable, you can reduce the mortgage size and try again until you find a mortgage that suits you.
Decide What You’re Looking For
The first thing you need to decide is what you’re looking for in a house. It’s the biggest investment you’re going to make in your life, so it’s important that you get it right the first time around.
Take your time, decide what is important to you and fits with your budget.
Factors to consider include:
Location
Where would you like to live? Do you need to be close to work? Do you need to be close to schools or other facilities? Would you like to be in the city, in the countryside or near the seaside? Do you need to be near transport options?
Size
How big would you like/need your home to be? Are you happy with a studio apartment? Do you need a larger house with more rooms? Do you need extra bathrooms? What fits into your budget?
Attached, Semi-Detached or Terrace
Do you want your house to be detached? Do you mind being attached to a neighbour on one side? Would you prefer to be part of a terrace? Which fits best in your budget range in the area you are looking?
Garden
Do you need a garden? How big do you need your garden to be? Would you like something small and low maintenance or something larger?
Extras
Would you like an en suite? Would you like a garage? Would you like a laundry room?
Outright ownership
What works within your budget, outright ownership or a share of freehold?
Start Saving Your Deposit
Of course, once you know what you’re looking for, you’ll need a deposit and mortgage in place. Considering the average deposit is between 10 and 15% of a property’s overall value, it may take a while to save. So, it’s a good idea to get started asap.
Here are some top tips for saving.
Create a savings account
Start out by creating a savings account. Where possible, this should be a high interest account. Most people opt for ISAs. Generally, there are terms on removing your money so check these before you set one up as these can vary. But ultimately, if you don’t need fast access to your cash, the interest rates are worth it.
Cut out non essential costs
To be able to put more of your disposable income into a savings account, it’s a good idea to reduce non essential spending. This could mean cutting on luxury purchases, such as holidays, non essential clothes and accessories, takeaways etc.
Reduce essential spending
Use price comparison sites to compare providers for electricity etc. to get the best price. Also, can also consider supermarket brand food or their smart price products as a cheaper option.
Prepare to View Properties
Once you have your deposit saved, you will be able to start house hunting. Contact local estate agents to tell them your requirements. They will then have a record and contact you when they have something appropriate. Be strict with them though, some are more interested in making a sale than providing a client with their dream home.
Check online
Whilst you wait on the estate agent you’ll probably begin your search online. Look up the areas you want to buy then look up houses for sale in those areas. Make sure you check the prices of similar homes in that style, size area sold for and when. Such details can all be found online and can help you make sure you don’t offer too high.
Manage your Viewings
Don’t view everything, it’s a waste of everyone’s time. Check the specifics for each home which should all be provided online. If you are after a two bed house there is no point looking at 4 bed unless it fits with your price range and other requirements. Before you go to look at a fixer-upper, make sure you can afford the additional costs. Take a printed copy of the home details or get one from the agent, then when you view make notes. If you do a few different home viewings it will then help jog your memory for each.
Be Smart, Seek Assistance
It helps to take someone that knows about this sort of thing and knows what to look for along with you. A person new to house hunting may not look out for or notice signs that could be problematic. It’s important to note these as you will have to sort them out if you do buy the property. Also, remember that these issues can help you when negotiating a price. Make sure you are reasonable with your offer. If you penny pitch you may annoy the seller and they may decide not to sell to you.
If you are serious about the property you’ll need to do a survey. This will highlight things like cracks, signs of mould or damp, or structural issues.
In addition, look out for potential issues such as noisy or problematic neighbours, road noise, airports nearby and more.
This can be a lengthy process, it can also be fun. Hopefully, by the end of it, you will have a property to call your own. This is where you’ll spend a lot of time, so it’s important that you do your utmost to find something that’s absolutely perfect for you!
My post, Buying Your Own House? How to Get Started, mentioned all sorts of practical and helpful ways to help first time buyers. Which tip did you like best?
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It’s such a good feeling buying your first house. I felt a sense of security when I got on the property ladder.
I know what you mean. As long as you’ve got something you can afford repayments on you are set.
There’s a lot of excellent information here. It’s such a huge feeling of accomplishment when you buy your first home. You just have to make sure you have all the information you need. There’s a lot to it.
There sure is a lot to be aware of.
This is everything all first time home buyers would benefit from. I have been a homeowner for 20+ years and needed this when I bought my home
Thanks Melissa. It helps to give those just setting out to buy their first home a bit of advice. It can be so overwhelming.
This is such wonderful advice. I wish I had it before we bought our home. I didn’t know so much went into it!
As long as you got it for a reasonable price then that’s the main thing.
This post is really informative, thanks for sharing these tips.
Thanks Tasheena. I’m glad you liked the post.
I couldn’t have found this at a better time. We are starting the process in the next couple of months.
Oh wow, good luck Heather. I hope it goes well.
Thanks for this guide. It’s a big decision so it’s important to choose the right one.
It really is. No need to rush into buying a home, have everything in place first. If you take your time you’ll also be able to save more to add to the deposit.
It was so exciting to buy our first home and to spend time making it truly our own.
It really is good fun although can also be a bit stressful too.
Great tips! Buying a home can be quite overwhelming!
It really can, there is so much you need to be aware of.
These are the things that need to consider by all house buyers, most especially the new ones.
Thank you for sharing this information with us.
Thanks Gervin. It’s important to know what’s important.
These are some wonderful tips. I still remember looking for my first home. It can be fun and scary at the same time.
It sure can, and wonderful when you have your own place.
I agree with these money-saving tips as a recent buyer myself, knowing your budget.
Knowing your budget is important!
Great tips for buying your first house. It is never to early to save and staying in budget and not becoming house poor is so important.
That’s very true. Saving as early as possible is especially important these days.
Reading this takes me back to when I bought my first place. Budgeting is key for sure and staying responsible is a must. Great tips for first-time home owners.
Budgeting is very important. It’s so easy to spend money these days but not always as easy to save it.